5 simple ways to plan a vacation without going into debt

We all need a break from the daily grind, urgent emails, important meetings, too many coffees and phones that won’t stop buzzing. In simple terms, we deserve a holiday! A vacation that allows us to travel, meet family and old friends or make new ones, explore different cuisines and discover a little more about this world we live in.

However, it is important to budget. After all, when you’re on a vacay, it can be easy to go slightly overboard and spend a lot more than you intend to by either shelling out all your cash or maxing out on your credit cards.

Hence, we recommend five simple and practical steps to ensure you stay on a budget rather than fall into a debt trap. Here’s how:

1. Start planning early:

If you intend to go on a holiday with your family, do not wait till the last minute to book your tickets or hotel rooms. For flight tickets, book as early as possible to avoid the costliest dates. As you already know, ticket fares to literally anywhere during the holiday seasons (depending on where you live) will spike, taking a large chunk away from your budget.
To save on hotels, keep your options open, compare prices and strike when the iron is hot. In addition to this, you can also check for loyalty programs (if you’re eligible) to get extra discounts or cashback.

2. Create a monthly savings goal:

Once you have figured out how much your trip will cost, start creating a saving goal for yourself. One of the best ways to do that is by creating an online savings account. To begin, look for easy ways to save on your daily expenses, for example, limit dining out frequently, online shopping, fancy coffee, etc. You can then use these funds to plan a vacation without going into debt.

3. Set a budget:

Credit cards are great, no doubt, but on your vacation try to give it a break too. Rely only on your savings account or the budget you have created for your holiday, limit your spends, try to not splurge on gifts and spend on things that make your holiday special. After all, a vacation should be about experiences and not expenditure, right?

4. Find ways to earn extra cash:

Work hard, play harder! We’ve all heard of that, haven’t we? Now, it’s time to experience it. Find yourself a part-time job such as being a personal loan referral partner that can help you achieve your holiday budget goal faster. Another way is to sell something you don’t need to make that extra buck.

5. Finally, get creative:

Last, but not least, get creative with your spending to enjoy a debt-free holiday. The first thing you should do is separate a good gift from the price tag. There are no rules that say a gift has to be expensive. Or that it has to be materialistic, even. Give your loved ones a gift of time – your time. Offer a car wash for your dad, babysit your sister’s toddlers, or bake for your mum. Sometimes, it’s all about the little things we do for others that matter more, don’t you agree?

If you are unable to follow the above-mentioned tips, you can also apply for an instant personal loan. You can borrow a sum from the bank and use it to enjoy a fun-filled vacation with your family. However, make sure to keep a budget and track your expenses. And most importantly, do not forget to make beautiful memories. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

You get to have a stake in the place, which comes with its advantages. For instance, you get ‘local rates’ and insider treatment. So make plans with a few friends and efund your way across the best tourist spots in India. 

To sum up

As COVID changes all our perspectives, it is good to also have a relook at tourism. For the short term, stay clear of revenge tourism. Plan your itinerary well, and start looking at your vacation as an excellent way to invest. Efund a few places and get paid to party with friends and family. Remember, the value of the place you efund appreciates or depreciates depends on the amount of fun you can inject into the place. Spread the word and have fun while generating wealth! Just like IDFC First Bank's refer and earn money app which helps you with additional source of income without investment. The better the time you have, the better the rates will be.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.